The Directors believe that the business has a number of competitive strengths and attributes that differentiate Dr. Martens from its competitors and position it to succeed in the current environment and adapt to a rapidly changing world.

OUR Competitive strengths

Dr. Martens is a truly iconic British brand with over 60 years of heritage. Our timeless boots are cultural icons, offering enduring appeal, durability and cult status. It is an opinion former not a follower. The brand has become a global icon with millions of consumers worldwide. Its spirit of rebelliousness and resilience is embraced across all cultures, ages, genders and social classes, who adapt Dr. Martens boots, shoes and sandals in their own individual style. The unique DNA of the 1460 boot with its trademark yellow welt stitch, black and yellow heel loop and grooved sole is preserved across the whole Originals range, sitting at the core of our product strategy.




Our brand

Our DOCS strategy is about selling more pairs of boots, shoes and sandals to more people, through our own direct-to-consumer (DTC) channel, in our seven priority markets (UK, US, France, Germany, Italy, Japan and China). While the strategy is made up of four key strands (D – DTC first, O – Organisational and Operational Excellence, C – Consumer Connection, S – Support Brand Expansion with B2B), it is the DTC first element that is our main strategic area, focusing on building brand equity and driving margin expansion. In the long term, we intend to operate a fully-functioning omnichannel stretching across both our ecommerce platforms and our growing retail presence. Implementing an order management system (OMS) in EMEA has facilitated a trial of both ‘return to store’ and ‘click and collect’ in the UK with a plan to roll out across EMEA in FY24. We will then trial a customer data platform (CDP) which will allow us to unlock the power of customer data within our DTC channel. We have a DTC milestone of 60% of global revenue and we currently have 204 retail stores. Our stores are ‘profitable brand beacons’, where we create exciting shopping experiences while delivering an attractive return on investment.




We are global brand with a focus on seven priority markets – UK, US, Japan, Germany, Italy, France and China – with a combined 86% share of revenue. The UK is our home market with DM’s being sold here since 1960, yet it continues to grow with revenue up 10% in FY23 and pairs per capita (PPC) at 32. There is significant headroom to grow PPC in other priority markets, with the US currently at 18, Germany 15, Italy eight, France seven, Japan four and China less than one. All of these markets now have a DTC first strategy in place. We believe it is the long-term improvement in PPC in these markets that will take us to our ambition to be a £2bn global footwear brand.


of revenues from priority markets


Dr. Martens appeals to a broad consumer base while retaining a distinctive identity. While our marketing strategy is influenced by alternative consumers who have their own individual style with a proud sense of ‘self-expression’ at the core, the brand resonates with, and is worn by, a much broader audience of wearers, such as those that value our quality, durability and heritage, and those that are focused on being stylish. This is reflected in the balanced demographic mix of consumers across all metrics, including gender, age, income level and geography.



Since FY20, revenue has grown 14% per year on average. Gross margins are attractive based upon our high full price revenue mix and our high continuity product share. Normalised cash flow is strong with a target operating cash conversion of 70%, from which we aim to pay a dividend of between 25% and 35% of earnings each year. Our Balance Sheet is strong with net debt to EBITDA around 1x.



Financial highlights

Led by the Board and the Global Leadership Team, the Dr. Martens culture has ‘custodianship’ at its core. We understand we are a part of the brand’s history and that our primary role as custodians is to ensure we protect the legacy of a cultural brand icon through long-term decision-making and an overarching desire to ‘do the right thing’. We are taking care of the brand now, for the benefit of the next generation.


Dr. Martens products have embodied timeless design and durability for over six decades. As we continue our journey, we are committed to standing by our belief in leaving things better than we found them. Our sustainability efforts are focused on identifying and acting on the opportunities to add value. We are making the changes that are needed today, while also investing in the future of our business and industry